06.12.2021
FOUR GENERATIONS WORK TOGETHER IN BULGARIA, WITH GROWING DIFFERENCES
The workforce is aging. Almost every company already has four generations of workers, and the age difference between the youngest and the oldest staff members is large.
Unified, universally valid company systems and views on staff motivation and incentives are no longer effective because each generation holds on to a certain type of work incentive.
This shows the conclusion of a project implemented by the Bulgarian Industrial Association (BIA) and CITUB.
The project was presented by Dr. Tomcho Tomov - Director of the National Center for Competence Assessment at the Chamber, informs BTA. The OPHRD project explores the issue of an aging workforce and makes suggestions on how different generations can work better together.
In our country the labor force decreases by 40-60 thousand people every year.
In the last 15 years the economic activity and employment of people of pre-retirement and retirement age in Bulgaria has increased significantly and is the highest compared to all other age groups. In 2019 in Bulgaria 55% of men and 44% of women aged 55-74 are economically active. The working age population in 2020 is 64%, in 2050 it will be 56%, said Tomov. The data show that currently employed over 55 years are 702,500 people or 23% of the workforce, and estimates are that by 2035 they will reach and exceed 36% or one million and two hundred thousand people.
The number of older people who want to continue working is increasing.
They are also a reserve on the labor market that must be used. The problem is that each generation sticks to a certain type of incentives and working conditions, perceives their impact differently and tends to mobilize its work potential and energy also differently, experts say.
According to them, diversity management is not a preference of one generation over another, but the use of each generation's strengths in the interests of work. The next phase in people management is coming, which requires a transformation of HR policies - from those that put the company at the center to those that put the employee at the center.
What else does the project find?
We work to live, we live to work, we work to have fun - different values and motivations
On the labor market in Bulgaria there are four specific generations of the workforce, which have some similarities, but also deepening differences in their needs, values, motivation, expectations, attitudes, communication, behavioral patterns, attitudes to technology, to work, to change and to the authorities, the project states.
Generation Z are employees aged 18-26. This is the digital generation, which makes up about 11% of the workforce. Generation Y ("Millennium") are workers aged 27-39 who make up about 26% of the workforce, analog generation or Generation X are workers aged 40-54. They are about 40% of the workforce, and generation T (paper generation) - workers aged 55-65 and over, are about 23% of the workforce.
Each generation is motivated differently. The youngest, those under 26, work to improve and have fun. It is important for them to have a high salary, to work in a reputable company with modern technologies. They need diversity and challenges, continuous training. People aged 27 to 39 work to achieve and succeed. They are looking for opportunities for development, fair evaluation and immediate incentives. They hold on to autonomy and independence, as well as to effective organization.
The generation that makes up 40 percent of the workforce - people aged 40-54 - works to make a living. Holds on to high pay. It is motivated by predictability and stability in the work, by competent management. He wants there to be no strict rules, the workload to be moderate, to have good relations in the team.
The paper generation, that of the oldest workers, 55 to 65, lives to work. He wants security in the workplace, healthy working conditions. It is motivated by clear and strict rules, moral values, respect and esteem. Motivation for older workers is also to provide them with the opportunity to pass on knowledge and experience.
People aged 40-50 are openly opposed to change, older workers know that change is needed, but they are afraid of it and experience it in secret.
For the youngest workers in Generation Z, change is an internal necessity. They have a high tolerance for change, moderate anxiety, dissatisfaction with the current situation moves them forward and motivates them to constantly develop.
Workers aged 27-39 are the most confident in their abilities, they are looking for chances for success and development, they are tolerant of change, they want a new challenge. The best-represented percentage generation in the labor market (people between the ages of 40 and 54) experience high anxiety and low tolerance, and open resistance to change. It threatens their security, stability and predictability.
The oldest feel change as an external necessity. They perceive themselves as people with merits left in the past. They experience low tolerance and high anxiety about change. They are unsure of their ability to meet the new requirements, but their resistance is hidden.
The Delayed Maturity Phenomenon
The phenomenon of "Delayed Maturity" in the younger generations is reflected in demographic problems. About two thirds of people in Bulgaria under the age of 30 live with their mothers and fathers - nearly 60% of young women and 80% of young men. Eurostat data show unequivocally that the richer the country, the earlier young people leave the family home, according to the project's findings.
In the other younger generation - Y, this phenomenon is also observed, but unlike Z, they are more affected by the accompanying financial problems, the consequences of economic crises, unemployment, increasing livelihoods. Generation Y is in no hurry to take on responsibilities in adulthood and because of the negative example of their parents, watching their parents divorce and have jobs that they constantly complain about.
The youngest are curious, but the traditional understanding of education as a value is beginning to crack
The traditional understanding of education as a value begins to crack in the youngest generation Z. They are curious and inquisitive, focused on continuous learning and development, but not in the conservative, classical way.
Due to the problems of the educational system in Bulgaria, the standard formal education is rather something that the generation accepts as obligatory, but meaningless. For Z, getting an education becomes "hacking" one. They understand that employers are increasingly focusing on competencies rather than diplomas. Disappointed with the quality of formal education, Z does not want to waste years in something that does not guarantee them a secure future, the project analyzes.
Generation Z realizes that they can make their way as they prepare for their careers by combining various short-term or distance courses, online certification programs, along with gaining real-world practical experience.
Happiness, high income, security and dignity - the different values of the four generations
The results of the study outline significant differences in the values of generations. The primary life goal (terminal values) of generation Z are "happiness", of Y - "high income", of X - "security", of T - "dignity". In order to achieve the goals in life, the young generations Z and Y value and rely more on qualities (instrumental values) such as: "adaptability"; "creativity"; "inspiration"; "curiosity"; "pragmatism"; "courage." In the older generations X and T, traditional instrumental values such as: "diligence" are of paramount importance; "responsibility"; "endurance"; "honesty", "loyalty"; "persistence".
03.12.2021
BANKER: NEGATIVE INTEREST RATES WILL BE WITHHELD
Negative interest rates - a phenomenon that has long been observed outside our country, logically does not pass Bulgaria. This period of negative interest rates worldwide not only lasts a long time, but is expected to continue in the future.
This is stated in an address by Diana Miteva, Chairman of the Board of the Association of Banks in Bulgaria, on the occasion of Banker's Day.
The complex, volatile and unpredictable economic environment in which banks operate makes them flexible and adaptable. The good news is that as banks adapt to the new reality, so do their customers begin to realize it and accept the fact that bank deposits have their alternatives in storing money, Miteva said.
According to her, customers are beginning to reorient to new tools for storage and investment, such as mutual funds, trust management and other solutions, with the help of banking consultants. Investments in this type of product are growing at a rapid pace, with significant growth compared to last year.
This shows that customers rely on banks to be their trusted partner in managing and storing their money and finding the best individual options and approaches tailored to their needs in a dynamic and rapidly changing reality, added the Chairman of the Board.
She reminds that in times of crisis, ill-wishers often appear, trying to take advantage of the turmoil created by extraordinary circumstances, such as the pandemic, and to mislead citizens in order to gain access to their funds in one way or another.
That is why it is crucial that banks and citizens work together to counter these attempts. Banks could continue to provide the same level of security only in partnership with their customers, the statement said.
03.12.2021
ANTI-CRISIS INCENTIVES FOR JOB CREATION WILL BE AT LEAST UNTIL JUNE 2023
Amendments to the project "Employment for Human Resources" funded by the Operational Program "Human Resources for You" have been adopted and its term is extended until June 30, 2023. The conditions for eligibility are also changing, according to the Employment Agency.
The national quota of BGN 50 million for priority support of employers in the fields of „Hotel and Restaurant Management“ and „Travel Agency and Operator Activity has been dropped; other travel and reservation activities”. Thus, the entire project budget is distributed on a quota basis at the district level according to the unemployment rate, the number of newly registered unemployed and the number of employers from the respective districts in the country.
Employees of the project should not have been employed by the same employer or related natural and legal persons - employers, for a period of 6 (six) months from the date of submission of the application by the employer.
For all employers who have applied, received approval or concluded contracts by December 2, 2021 inclusive, it is considered that the announced vacancies were opened before the change in the terms of the project "Employment for you" and the unemployed should have not been in an employment relationship with the employer or related companies within the meaning of the Small and Medium Enterprises Act for a period of not less than 1 (one) month from the submission of the Employer's Application.
For all employers who applied after December 2, it is considered that the announced vacancies were opened after the change in the terms of the project "Employment for you" and the unemployed should not have been in employment with the employer or related companies. the meaning of the Small and Medium Enterprises Act for a period of not less than 6 (six) months from the submission of the Employer's Application.
Electronic applications will be accepted until the financial resource under the scheme is exhausted.
Documents and how to participate in the project can be found HERE.
The Employment for You scheme was launched in September 2020 as an anti-crisis measure to help employers create new jobs and hire the unemployed, covering the minimum wage and social security contributions.
03.12.2021
WE CELEBRATE THE INTERNATIONAL DAY OF PERSONS WITH DISABILITIES
Today we celebrate the International Day of Persons with Disabilities. Globally, more than one billion people, or about 15% of the population, have some form of disability. According to NSI data, there are nearly half a million people in Bulgaria with a recognized permanently reduced working capacity or degree of disability. About 10,000 of them are children.
On December 3, events will be organized around the world to remind the need for effective change in the living conditions of people with disabilities. This is a day to support the dignity, rights and well-being of people with disabilities. It aims to support the discussion on the free and independent life of people with disabilities and their full participation in society.
December 3 has also been declared International Pesticide Day. It is celebrated at the initiative of international environmental organizations on the anniversary of the 1984 accident at a chemical plant of an American corporation in Bhopal, India, which killed more than 3,500 people and later about 15,000 died from diseases caused by inhalation of leaked toxic gas.
The first SMS was sent on December 3, 1992. The message read only: "Merry Christmas". And now you are probably wondering who wrote the first sms in the world. This is a software developer who sends the premature Christmas greeting on a mobile phone to the manager of one of the world's telecommunications giants.
Today, in 1967, the world's first successful human heart transplant was performed. It happened at a hospital in Cape Town, South Africa by Prof. Christian Barnard, who transplanted the heart of 25-year-old Denis Darval, who died in a car accident, to 55-year-old Louis Vashkansky. Today, nearly 1,200 Bulgarian citizens in need of transplantation live in the hope of leading a normal life. They all expect a second chance at life, which is possible only through organ transplantation. Out of 28 member states of the European Union, our country ranks 28th in the number of transplanted people per million population. Due to the insufficient number of donors and the frequent refusal of relatives to donate the organs of the deceased, the Ministry of Health launched the National Campaign in Support of Donation and Transplantation under the motto "Yes! For life!". The aim of the campaign is to raise public awareness of the nature and importance of organ donation. The national campaign also emphasizes the need to talk about donation with our relatives - let them be aware of our attitude to the problem. In this way, in case of brain death, we will help them make a decision at a difficult time for the family. The last word is theirs! So, let's talk now. Let's say together: “Yes! For life!"
02.12.2021
UNEMPLOYMENT IN OUR COUNTRY IS DECLINING, THERE IS NO CHANGE IN THE EU
Unemployment in the EU stabilized in October at September levels. For Bulgaria, the data of the European official statistics Eurostat show a decrease.
EU-wide unemployment remained at 6.7% in September, but well below the 7.5% level reached in October 2020. Within the euro area, unemployment fell to 7.3% in October from 7.4% a month earlier and compared to 8.4% in October 2020.
In our country, unemployment in October fell to 5.3% from 5.5% in September. A year earlier, it was at a level of 5.2 percent, BNR reported.
According to European statistics, a total of 14.312 million Europeans, of whom 12.045 million from the eurozone, were out of work in October, down from 77,000 in the EU compared to September and 64,000 in the eurozone alone.
Compared to a year earlier, unemployment in the EU fell by 1.650 million in October, and within the euro area - by 1.564 million.
According to Eurostat data, 172,000 people were unemployed in Bulgaria in October, down from 178,000 in September to 175,000 in October 2020.
02.12.2021
ROMANIA HAS TAKEN AN ADVANCE OF 1.8 BILLION EUROS UNDER THE RECOVERY PLAN
The European Commission has paid 1.8 billion euros to Romania as advance funding under the Recovery and Sustainability Plan.
This is 13% of the grant awarded, with which Bucharest can start implementing projects in the program. Romania is entitled to a total of 29.2 billion euros by 2024, of which 14.2 billion euros are grants and 14.9 billion are cheap loans. Its plan was approved by the European Commission on September 27, 2021.
In the coming years, Bucharest will spend 3.9 billion euros of money on a plan to modernize its railway infrastructure and purchase new zero-emission railcars and wagons; € 2.7 billion will be invested in renovating and seismically strengthening buildings; EUR 855 million is planned for the production of clean energy from renewable sources and hydrogen. The plan includes measures for biodiversity and environmental protection aimed at afforestation and the creation of nurseries for 1.1 billion euros.
€ 1.5 billion has been set aside for e-justice and digitalisation of the administration related to employment and social services, public procurement, cybersecurity and tax and customs authorities. They will build a protected state cloud infrastructure, and 8.5 million Romanians will receive electronic ID cards. The plan invests 470m euros in developing an integrated eHealth system connecting more than 25,000 healthcare providers and developing telemedicine systems. In addition, € 881 million will be allocated to the digitalisation of education, the improvement of digital pedagogical skills, educational content and equipment. Romania plans to invest 2 billion euros in European money to modernize its hospitals; EUR 3.9 billion is earmarked for the decarbonisation of transport and the improvement of road safety.
Bulgaria continues to negotiate with the European Commission on a draft € 6.6 billion grant plan, which it submitted to Brussels on October 15, 2021. The European Commission has two months to evaluate it before proposing it to member states for approval. If they do not vote by December 31, Bulgaria will not be able to benefit from advance funding for the programs and will be able to apply for funding next year.
The European Commission must give the green light to recovery plans in Hungary, Poland and Sweden. The Netherlands has not yet submitted its project to Brussels. All other members have already approved plans and most of them have received their advance payments. Spain filed a request in November for the first regular payment under the Recovery and Sustainability Mechanism after taking the advance in the summer.
02.12.2021
FINANCIAL MULES ARE EMPTYING BANK ACCOUNTS
Bulgarian law enforcement agencies have identified 96 "financial mules" and 4 recruiters, as well as 222 victims of criminal activity - 150 more than last year.
In connection with the fight against financial crime, in the course of the current campaign, with the help of banks in the country, 177 illegal transactions were identified - almost twice as many as last year, preventing damages of more than 5 million euros, according to the Association of banks in Bulgaria.
For the seventh year in a row, financial institutions and law enforcement agencies from 27 countries are participating in a joint campaign against money laundering and fundraising schemes.
These individuals have a key role to play in laundering money from a wide range of online scams, such as the recent phone scams, phishing scams with e-mails that mimic real sites, e-commerce scams, SIM card swaps, social engineering and more. The global campaign is organized by the European Cybercrime Center at Europol (EC3 - EUROPOL), and the partner is the European Banking Federation, of which the Association of Bulgarian Banks is a member.
A financial mule is a person who transfers illegally acquired funds between different bank accounts, often in different countries, and receives a commission for this activity. According to Europol statistics, in 95% of cases "financial mules" are used to embezzle money transferred from previous cybercrime activities.
The funds are often used to finance other criminal activities and money laundering.
Various schemes are used to raise "financial mules", such as dating sites, through which criminals try to persuade their victims to open bank accounts to send or receive funds. Also, through posts on social networks with tempting job offers, ensuring easy and quick enrichment, the goal is to attract the attention of students and young people.
Criminals are increasingly resourceful, often taking advantage of real-life events to make their proposals look more credible, such as the ongoing COVID-19 pandemic. They aim to attract representatives of the most vulnerable groups who need money - students, people who have lost their jobs, and others. They often use information about the people they have identified, which they have obtained through social networks.
It is important to know that even if people used as “financial mules” were unaware that they were involved in illegal money laundering activities, they are committing a crime by transferring funds and this can have serious consequences for them.
If you think that they are trying to use you as a "financial mule", you should take immediate action before it is too late: do not transfer funds, notify your bank and the police immediately, advises the Association of Banks in Bulgaria.
02.12.2021
THE DIGITALIZATION OF SMALL AND MEDIUM-SIZED BUSINESSES - HOW IMPORTANT IS COST CONTROL
On November 30, 2021, a webinar on "Digitalization of small and medium-sized businesses - the engine of financial management and cost control" was held, organized by Enterprise magazine.
The official partners of the event are the developer of business process automation software products Contro and the mobile payment technology company Settle.
The event was held with the support of the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA), the Bulgarian Industrial Association (BIA) and the Bulgarian Chamber of Commerce and Industry (BCCI).
Vladimir Minev, Director of the Directorate "Internationalization of SMEs" at BSMEPA, presented the National Strategy for Small and Medium Enterprises until 2027 and its priorities and goals.
The digitalization of SMEs is one of the six areas of impact included in the strategy - entrepreneurship, access to markets, access to finance, digitalization, business environment, environment, he said.
According to him, it is important for SMEs in Bulgaria to realize the importance of information technology in order to increase their profits. SMEs to take an active part in training related to digital technologies in order to improve the skills of their employees.
Vladimir Minev stressed that Bulgaria is the country in the EU with the weakest application of digital technologies in business, according to the DESI index.
He recommended that businesses review their processes, look for duplicate patterns, identify areas where the same information is entered more than once, to identify areas for digital transformation.
The digital transformation is a journey, not a one-time purchase, he said, advising not to rely on outdated technologies, not to invest in untested solutions and not to ignore information technology as part of the business.
Krum Alexiev, Director of Corporate Clients at Unicredit Bulbank, presented a forecast for the dynamics of Bulgaria's GDP and the country's macroeconomic framework in the context of the health crisis, a jump in fuel and electricity prices and a political blockade.
He also presented the bank's service model and business opportunities.
Yordan Karabinov, Managing Partner at Contro, spoke about the digitalization of control and cost implementation, presenting the company's practical solution together with Velizar Dimitrov, CFO of Novotel, users of the solution.
The software eliminates paper, provides real information in real time in order to make adequate management decisions, commented Yordan Karabinov.
Velizar Dimitrov pointed out that the hotel embarked on the journey to digitalization 7 years ago. The processes we control with this program are the approval of each expenditure by departments and items, the stages of contracts, control of expenditures on them. That is how we make informed and timely decisions, he said.
The software solution is also used as an archive because documents are not printed, he added.
The two demonstrated the possibilities of the solution in different situations.
Detelina Momcheva, Acting Country head, Settle Bulgaria, talks about innovations and trends in payment methods. She presented data according to which 4.4 billion users worldwide will use a mobile application for payment by 2025 compared to 2.6 billion in 2020; 3 trillion the dollar is the projected volume of the global mobile payments market by 2024; 68% of Europeans have a mobile wallet; 39% of consumers would use more mobile payments if merchants offer them.
In 2020, the use of mobile wallets when paying in physical stores will reach 26%, she added. 44.5% of consumers choose mobile payment when shopping online.
Nearly a third of Bulgarians refuse to shop in outlets that pay only in cash, added Detelina Momcheva.
Mobile payments guarantee security, remote payment, allow different sources of financing, do not impose restrictions on a bank or mobile operator.
Settle builds an ecosystem through which the user receives and sends money instantly, has access to a list of businesses and offers in the application, chats with other users, pays from any available card, transfers money to any available bank account.
With Settle, businesses accept payments from any location, reach more customers, accept on-site or delivery orders, and integrate solutions.
02.12.2021
SEVEN CHALLENGES FOR SAVING MONEY IN 2022
Did you know that if you want to save BGN 50 in a given month, it means that you need to set aside BGN 1.66 per day. In case you want to save BGN 100 per month, the amount is double - BGN 3.33 per day. Do you want more similar examples? Both at the end of each year and this year, we will present you several challenges to save money. We start with the smallest amount and move on to the more difficult tasks. Which challenge did you choose?
BGN 668 for the year
Everyone, even people working on the minimum wage, can meet this challenge. It is so easy. Start with BGN 0.01 a day and increase by another 1 stotinka every 24 hours. Thus, on the last day of the year you will have to set aside BGN 3.65. In total for the year this makes BGN 667.95.
BGN 1,378 for 2022
The year has 52 weeks. If in the first week of the year you save BGN 1, and in the second - two, etc., then at the end of the year you will have BGN 1,378. The amount may be enough for a vacation, a new phone, or repaying part of your loans.
BGN 2,425 for 52 weeks
Start with BGN 5 per week and every 7 days increase by another BGN 5 until reaching BGN 95. Instead of adding BGN 100 next week, go back to BGN 5 and start over.
BGN 2,766 for the year
And how about starting with BGN 2 per week and increasing with a new BGN 2 every 7 days. In other words, on the fifth week you will have to save BGN 10, and on the 20th week - BGN 40. In the last week of the year you will have the difficult task of setting aside BGN 108.
BGN 1,000 for the quarter, BGN 4,000 for the year
Given that you need BGN 1,000, you should know that the amount can be saved for 12 weeks, in which you spend BGN 84 each. This makes BGN 1,008 or BGN 4,032 for the year, if you think the challenge is worth it.
BGN 5,200 for the year
It may be difficult to save BGN 100 per week, but at the end of 2022 you will definitely be satisfied. 52 weeks pass quickly, and you will have a good amount to start an investment portfolio.
Only for professionals: BGN 10,000 per year
Given that you have a higher income, you should know that it is good to have savings, with which you can spend 6-8 months without work. The emergency fund can be replenished in a few months or a year or two. We challenge you to save BGN 125, 150, 175 and 300 every four weeks. Thus, at the end of the year you will have the round sum of BGN 10 thousand.
01.12.2021
THE CABINET HAS ALLOCATED NEARLY BGN 2.6 MILLION UNDER EDUCATION PROGRAMS
Today, the Council of Ministers allocated nearly BGN 2.6 million to finance activities under four national programs for the development of education. The funds are provided as additional transfers to municipal budgets for 2021, said the press center of the Ministry of Education and Science.
Most of the funding - just over BGN 1.7 million, is provided under the national program "Information and Communication Technologies (ICT) in the system of preschool and school education". They will be divided into two types of activities. BGN 1.2 million are for the implementation of educational electronic resources, vocational training software and electronic diary.
They will finance 1436 municipal schools, centers for special educational support and support for personal development, who want to use an electronic diary in the school year 2021/2022. Electronic diaries will be available through standard browsers and mobile devices, will have a module for parents.
Nearly BGN 86,000 are allocated under this program for 19 municipal high schools for the purchase of vocational training software. More than BGN 432,000 are received by 1,295 municipal schools, centers for support for personal development and for special educational support, which have requested funds for internet connectivity. Funds are allocated according to the number of students.
Under the national program "Together for each child" BGN 23,000 are allocated, which will support the teams for coverage in 51 municipal schools and 4 kindergartens. The funds are intended to finance the activities of the coverage teams, to develop and implement a set of measures for each child and student who has dropped out or is at risk of dropping out of the education system.
Nearly BGN 710,000 are allocated for eight municipal schools for their teams, which have prepared 27 textbooks in general education subjects in a foreign language.
BGN 118,000 under the program "Training for IT skills and career" will be distributed among three municipal schools, in which 119 students will be trained. 15 teachers will upgrade their skills for developing digital content and working in a digital environment. Eligible partners are universities and branch or professional organizations of companies in the IT sector.
